2014 has been a great year for renewable energy, and both as a country and a planet we are making huge strides towards a cleaner, greener and more sustainable future. According to the IEA, new solar technologies “could prevent the emission of more than 6 billion tonnes of carbon dioxide per year by 2050” – that’s more than the entire yearly output of the United States today! With the solar trade association also forecasting that solar will be cheaper than natural gas by 2018, the outlook for renewables is sunny to say the least. Here’s why:
Rapid Cost Reduction of Solar Panels
As with all new technologies, the price of solar panels is coming down as time goes on. Prices have fallen to as little as 60% of what they were five years ago, and this trend doesn’t show any signs of slowing. Naturally the cheaper solar panels become, the better the return on investment that they bring to the table. Thanks to lower prices and more efficient panels, solar is on course to become competitive with the price of wholesale electricity by 2025.
Technological Improvement of Solar Energy
Solar panels are also becoming more efficient as the technology improves. Remember that with a panel that has a lifetime of 25 years, even a percentage point increase represents a massive difference in terms of your overall investment. As with falling prices, this trend also shows no signs of slowing.
We’re also seeing some new radical approaches to solar power that would have been unthinkable just a few years ago. Researchers in Australia have developed a kind of ‘solar ink’ that can be printed out and attached to windows or laptops, charging your gadgets with the power of sunlight. Some bright sparks in Canada have developed a ‘solar spray,’ which allows them to coat solar panels onto flexible materials and then easily cover your rooftop. If these technologies can make it to mass market, then they could have an enormous positive impact on the soft-costs of solar panel installation. Both of these examples are still far from commercial release, yet they offer an interesting glimpse of what a solar-powered future might look like.
Stable Government Support
In order for solar panels to achieve their full potential in the quickest possible time, the industry needs stable government support. Before you start complaining about industries that can’t stand on their own two feet, remember that the vast majority of the world’s energy production is subsidised, and that the fossil fuel industry is subsidized five times more than the renewable energy sector. We aren’t asking for a leg up, but rather a level playing field that rewards innovation and bright ideas.
If you think that solar panels are expensive compared to the returns on investment, then there’s a good chance that you haven’t seen the latest prices. To find up-to-date prices and hear an estimated ROI call: 01621 827015
Photo Credit: digiyesica